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Spanish Banking Group Reveals Profit Increase from UK Banks

Wed, 28 Oct 2009

Spanish banking group Santander has revealed a surge in profits at its UK banks for the first nine months of the year. The bank owns Abbey, Alliance and Leicester and Bradford and Bingley, which made a combined 1.3 billion Euros over the period - a 38 per cent increase on the 943 million Euros profit made in the first nine months of 2008. When converted to pounds, the figure rose by 58 per cent - a higher increase due to the respective exchange rates over the different periods. Despite labelling this performance as 'a record high in all revenue items and profits', Santander declared that the UK economy remains fragile.

Elsewhere, the bank's profits across Europe rose by 16 per cent, though its Latin American operations suffered a slight dip in profits as did its global banking operations, which saw profits of 6.74 billion Euros for the first nine months of the year, slightly down on the same period in 2008.

British banks have been criticised for failing to pass on the numerous base rate cuts by the Bank of England to savers. Interest rates on savings accounts remain low, despite the base rate being at a record low level of 0.5 per cent.
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